GLG Life Tech to offer 3.6 mln shares for US IPO

Canada's GLG Life Tech Corp said it filed for an IPO in the United States offering 3.6 million common shares.

GLG, which supplies zero-calorie sweetener stevia, said it expects to use net proceeds from the offering primarily for expansion of its stevia processing facilities.

The proceeds will also be used for debt repayment, working capital requirements and other general corporate purposes.

The offering will be conducted through a syndicate of underwriters, led by Canaccord Adams and GMP Securities L.P., the company said in a statement.

Vancouver, British Columbia-based GLG said it has got the conditional approval to list its common shares on the Nasdaq Global Market under the symbol GLGL.

In connection with the IPO, the company also effected a four-to-one (4:1) share consolidation of its common shares and the common shares are expected to start trading on a post consolidated basis on Nov. 10.

Shares of GLG closed at C$2.34 Thursday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Maju Samuel)